Precious metals prices are responding to the impact of the US-Iran war, as well as inflation data.
The war has weighed on the precious metals market for much of this past week. An oil price surge past US$100 per barrel increased the threat of inflation and strengthened the US dollar, softening the investment case for gold.
That trend seemed to reverse after US President Donald Trump made statements that the end of the war is in sight, and G7 nations are considering potential plans to potentially release strategic reserves. However, the relief was short-lived.
Let’s take a look at what’s got the precious metals moving over the past week.
Gold price
Gold prices shot up on March 2 to US$5,400 per ounce as the war broke out in the Middle East.
While many may have expected the price of gold to continue skyrocketing on safe-haven demand during an escalating war, this typically is not the case in a region where military conflict can greatly impact oil prices..
Historically, gold prices get an immediate ‘safe-haven bump’ when conflict breaks out in the oil-rich Middle Eastern region. Yet, time and time again we’ve seen these gains are short-lived as macroeconomic factors like rising oil prices and a stronger US dollar often take over the direction of gold prices.
It’s been a choppy week for gold prices as investors weigh safe-haven concerns with a shifting inflation outlook. On March 5, the yellow metal managed an intraday high of US$5,164.05, before paring those gains down to a low of US$5,058.14 as liquidity stresses and renewed inflation fears outweighed gold’s traditional safe-haven role.
Gold reversed course on March 6, rising to an intraday high of US$5,171.92 as prices stabilized after a sharp mid-week correction. The oil price surge weighed on rate-cut bets, pushing prices down again Monday (March 9) morning to US$5,071.03; however, by the end of the trading session the yellow metal had reversed course to close at US$5,136.97.
By early morning trading Tuesday (March 10), the precious metal had reached an intraday high of US$5,235.61, before retreating to close at US$5,191.81. This was fueled by a ‘most intense’ day of U.S. strikes against Iran, despite conflicting signals from the White House regarding the conflict’s end.
On Wednesday (March 11) morning, the release of US Consumer Price Index (CPI) data showed headline inflation up by 2.4 percent over the last 12-months in February.
More US economic data will come on Friday (March 13) with the release of personal consumption expenditures (PCE) index for February, which analysts are projected will show upwards of 2.7 percent year-over-year growth.
With the threat of stickier inflation, gold investors are anticipating that the US Federal Reserve will sit on current interest rates for longer. In response, gold traded back down to as low as US$5,148.30 early Wednesday morning.
Still, gold prices are proving resilient given the long-term fundamentals for the metal. As of 12:00 p.m. PST Wednesday (March 11) gold was trading at US$5,170.83.
Gold price chart, March 5, 2026, to March 11, 2026.
Here are the primary drivers for gold this past week:
- Geopolitical conflict in the Middle East remains the primary driver for safe-haven gold this week. Investors are getting mixed signals as to how long this conflict could last and how much damage it will do to global oil markets.
- US economic data pointing to higher inflation for longer.
- A weakened US dollar and a retreat in 10 year Treasury yields provided some support for gold.
- Investor profit-taking is still at pay this week as are expected technical pullbacks in what many gold analysts believe is a broader uptrend in prices for the yellow metal.
In other gold news, Venezuela’s state-owned mining company, Minerven, has agreed to sell between 650 and 1,000 kilograms of gold dore bars to commodities trading house Trafigura.
The multimillion-dollar arrangement, brokered by US officials, will see a shipment of gold potentially worth more than US$100 million delivered to US refineries under a separate arrangement with the US government.
Silver price
Silver has also experienced a volatile week, but the white metal has made bigger gains than gold, although it didn’t reach last week’s high of US$95.71 per ounce. Silver traded at an intraday low of US$81.28 on March 5 before closing at US$82.23. The following day (March 6), the price of silver closed even higher up at US$84.54.
Monday saw silver move higher to reach US$87. Tuesday brought further gains for silver as fears that the Middle East conflict would escalate dissipated slightly and the dollar weakened. The white metal rose as high as US$89.70 in morning trading before closing up at US$88.34.
Silver sank a bit on Wednesday morning alongside gold to as low as US$84.61 before rising to US$85.46 by 12:00pm PST.
Silver price chart, March 5, 2026, to March 11, 2026.
As the world’s most electrically and thermally conductive metal, silver is still receiving strong support from industrial demand, especially from solar panels, electric vehicles and artificial intelligence technology. The entrenched silver supply deficit also continues to provide a floor of support for the metal’s price.
In silver mining news, major silver producer Pan American Silver’s (TSX:PAAS,NYSE:PAAS) exploration program at its La Colorada silver mine in Zacatecas, Mexico, led to the discovery of four new high-grade veins. Within about 40 percent of the holes drilled returned silver assays exceeding 1,000 grams per tonne.
Platinum price
Investors are increasingly using platinum as a defensive hedge alongside gold amid global instability.
The platinum price traded above the US$2,100 per ounce mark for much of March 5, closing up at US$2,128.60. March 6 brought more volatility, with the precious metal pushing up to US$2,176.10 before closing at US$2,130.70.
On Monday, the price of platinum had climbed as high as US$2,195 near the end of the trading day. Tuesday brought further upside for platinum prices as they rose as high as US$2,242.90 in the morning trade before closing just slightly above the US$2,200 level.
Early Wednesday morning saw platinum slide with the other precious metals to a low of $2,166.80, but quickly spiked to US$2,218.90 before settling down to U$2,178.90 by 12:00 PST.
Platinum price chart, March 5, 2026, to March 11, 2026.
Production remains tight as aging mines and power instability continue to plague South Africa’s platinum mining sector which accounts for more than 70 percent of global supply. Depleted above-ground stocks are providing a floor that prevents deep price collapses.
On the demand side, automakers continue to use platinum in catalytic converters, anchoring long-term industrial demand. As for investment demand, a surge in bar and coin buying, particularly in China and India, is helping support prices.
Palladium price
Palladium was not immune to the volatility trend for precious metals prices this past week.
On March 5, palladium slipped from US$1,658 per ounce to as low as US$1,635 before finishing the day at US$1,649. Palladium prices followed this pattern again on March 6 as the metal started the morning session trading at around US$1,665, later falling back down to US$1,635 again before swinging back up to an intraday high of US$1,671 before closing at US$1,656.
On Monday, palladium gained much ground, climbing as high as US$1,715 on safe-haven demand. However, the following day palladium’s price tracked downward to close at US$1,678.50 on US dollar strength and profit-taking.
Wednesday saw palladium trade in a range of US$1,634.50 to US$1,673.50 before hitting US$1,648.50.
Palladium price chart, March 5, 2026, to March 11, 2026.
Palladium is facing the same pressures as the rest of the precious metals, rising global inflation fears alongside safe-haven demand. Prices for palladium may be trading at three-month lows this week, however there is lots of support for the US$1,650 to $1,700 range given supply constraints and shifts in government automotive policies.
Persistent supply issues include production disruptions in South Africa and uncertainty over Russian exports. On the demand side, regulatory changes in Europe extending the time period when gas-powered vehicles can remain on the market means palladium will still be in demand for use in catalytic converters.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
